The $8,000 tax credit passed by Congress last winter to stimulate the true estate market is potentially nearing its end on November 30. While Congress and the National Association of Realtors battle over extending the credit, the looming deadline can indicate opportunities for proactive real-estate and mortgage professionals.
The National Association of Realtors reports that, typically, the house buying cycle takes 45-60 days. Since the deadline for the tax credit falls at the conclusion of November, there’s just enough time for you to seize as soon as and make sure your contacts are aware of the opportunity.
So, how can a real-estate professional or mortgage broker make use of this tax credit to increase business?
The single most critical thing to do is make certain people learn about it.
Have a portion of your marketing budget over the following month and let everyone in your professional circle learn about the credit and the approaching deadline. Provide contact information when it prompts them to action, they could contact you and get started.
The fastest method to reach out to your sphere of influence is through email marketing. It is a price efficient way to reach your entire list of potential clients and works especially well for time-sensitive opportunities.
This is an opportunity for real-estate agents and mortgage professionals to reach out to potential customers.
Property agents: Review your contact list and reach out to potential clients and past clients with the necessary home elevators the tax credit, and include some appropriate listings. This ensures that you have educated every contact to ensure that those thinking of buying could make the best purchase.
Mortgage professionals: Get in front of real-estate agents with the message now. Provide them with a checklist of what their buyers needs to have prepared, so once they find the house they would like to buy, they have every one of the paperwork underway and are pre-approved.
You can find still potential customers who are not aware of the tax credit.
In accordance with Mark Zandi, chief economist for Moody’s Economy.com, the tax credit will draw about 400,000 buyers into the marketplace this year. Though that bodes well for the, a recent AP article stated that some buyers aren’t even aware of the credit until they put a supply in on a home.
Since the tax break was important industry news, everyone involved in the real-estate industry is well aware of it. For anyone selling their home through real-estate agents, most sellers were informed of it through their listing agent. For the average person not actively involved in the real-estate market however, this newsworthy item was easily missed.
Using the “Google Insight” tool to research U.S search volume for the word “first time homebuyer tax credit” reveals an interesting trend. Search volume shows the lag at the center months(March 2009-August 2009) of the tax credit offer.
As you will see, searches regarding this topic spiked when it was first announced in early 2009. However, the search volume for the topic dropped sharply in March top Fort Lauderdale realtors before it began to grab again in July, this means people were not actively looking online for extra information during those middle months. This suggests that when that wasn’t making news, people either weren’t considering it, or simply did not learn about it. Either way the jump at first and increase at the conclusion suggests that media coverage offered two small windows of opportunity to understand concerning the credit before interest fell off.
There is an easy method to take action in the short window available.
When opportunity arises, sometimes the simple act of informing those in your sphere of influence makes most of the difference.
Email marketing is simple, cost-effective, and great for reaching a sizable number of people in a quick quantity of time. It is the quickest way, with the smallest amount of quantity of effort and lead-time, to make sure that the masses learn about the tax credit and the looming deadline (full disclosure, the writer is a Vice President at XL Technologies, which gives email marketing services).
While the deadline approaches, having a proactive stance will benefit your chance at success now and using email marketing to help keep people informed can help build trust and maintain relationships in the long term.
The underside line is to be sure everyone in your sphere of influence knows that that the tax credit can be acquired and set to expire soon.
Property professionals have endured a bruising couple of years. There’s been so much negative news about owning real estate. On another hand, this press coverage actually moves consumers to think about real-estate ownership in a confident light again.
The professional real-estate community should embrace this good news, and make sure to have the word-out. It’s encouraging for the and may also be a good move for the individuals who pro-actively market this government program.